Bank Accounts
Signed demand note requesting a specific amount of money from a drawers account
What are checks?
A card that enables the holder to withdraw money or to have the cost of purchases charged directly to the holder’s bank account
What is a debit card?
Occurs when there is too much money moving in the economy
What is inflation?
Convenient way to have paychecks put into checking or savings account
What is direct deposit?
Tool to keep track of your earnings & expenses
What is a budget?
An account in which deposited money can be withdrawn at any time by writing a check
What is a checking account?
Password giving access to electronic transactions with your bank account
What is a PIN (Personal Identification Number)?
Money you either owe when borrowing or are paid when lending money
What is interest?
An obligation to repay an amount that is owned
What is debt?
Everything that a person owns that has any monetary value
What is an asset?
A form is prepared for the placement of cash into a checking account
What is a deposit slip?
Not enough money in the checking account to pay a check
What are insufficient funds?
The U.S. economy is categorized in this economy
What is mixed economy?
A compulsory contribution to state revenue, levied by the government on workers' income and business profits, or added to the cost of some goods, services, and transactions
What are taxes?
A legal agreement that provides for the use of something -- typically real estate or equipment -- in exchange for payment
What is a lease?
A bank account on which interest is paid
What is a savings account?
An extra charge assessed for a service
What are service charges?
Consists of earnings after all expenses have been payed
What is profit?
Automatic Data Processing; provided by some places of employment
What is ADP?
An amount of the total cost of a property that someone pays in cash as part of a real estate transaction
What is a down payment?
A deficit in a bank account caused by drawing more money than the account holds
What is an overdraft?
Ability to borrow money in return for a promise of future repayment
What is credit?
Rivalry between producers/sellers of a good or service results in better quality goods and services at a lower price
What is competition?
Shows the amount of taxes withheld from a person's paycheck
What is a W-2?
Four benefits of having a bank account
What are safety, convenience, security, and financial future?